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Students need lectures on loans, says Endsleigh

Endsleigh has said that students should get loan advice at university to help them dodge debt problems.A survey by Endsleigh found a large spread in how students regard their debt.Graduates from the University of Brighton believed they would pay off their debt in just four years, while students at the University of Middlesex estimated it would take 13 years to get into the black.”The survey shows just how difficult it is for people to make a realistic assessment of pack-back rates of credit,” said Dan Vale, head of policy at Citizens Advice (CAB). “Greater awareness of how to shop wisely for credit and cope with debt is needed among graduates just as much as in the rest of the population. “The CAB service deals with over one million enquiries about debt every year. We would urge any graduate who is worried about repaying their student debts to visit their local CAB for free and confidential advice.

Posted in student loan, loan, student loan consolidation, loan rate, loan officer | Comments(0) August 2007



Government regulation coming to home loan reversion

Home reversion schemes, where homeowners give up a percentage of their property in return for a lump sum, could fall under Government regulation in the next few weeks, insiders have revealed.Helen McCarthy, a policy adviser at the Association of British Insurers (ABI), has said she thinks the Treasury might go as far as introducing legislation this week.Home loan reversion schemes are seen in some quarters as controversial as they are seen as overly complicated and offering poor value.Elderly groups in particular have said the sector remaining unregulated might let a cowboy element enter the market and exploit vulnerable pensioners, amongst whom the schemes are most popular.Ms McCarthy has commented that ministers are now coming under pressure from industry groups to bring in legislation, which might allow full scale regulation by the Financial Services Authority (FSA).”Because of the short parliamentary session, if they are going to do something, they have to do it soon,” she concluded.

Posted in Uncategorized, home equity loan, home loan, loan, home equity loan rate, home equity loan bankruptcy | Comments(0) August 2007



£1,200 could be saved on interest through a personal loan, finds Alliance & Leicester

Consumers with debts held on store and credit cards could save as much as £1,200 by switching to a personal loan, Alliance & Leicester has found.However, just eight per cent of the population is thinking about taking this option, the bank discovered.Alliance & Leicester Personal Loans found that by moving £5,000 of debt from cards to a personal loan the average consumer could save £1,213.56 in interest payments over three years.
Andy Bayes, head of personal loans, Alliance & Leicester, commented: “It is worrying that so many people with expensive debts are ignoring their financial situation and not thinking about ways to reduce them and save money. Consolidating all debts onto one personal loan will not only save money, but offer a repayment discipline and offer reassurance by clearly setting out an ‘end date’ for their debt.””Debt consolidation to a low-rate loan is a sensible and viable option for many of today’s borrowers who yearn to be free of their debts. Looking to review finances in the New Year is one resolution that shouldn’t be broken.”

Posted in loan, personal loan, debt consolidation loan, loan calculator, consolidation loan, loan rate, consolidate loan | Comments(0) August 2007



Yorkshire Bank points customers to personal loans

Yorkshire Bank has found that customers who take advantage of too many offers during the sales could be losing out in the long term.This becomes more problematic with “big-ticket” items such as new kitchens and bathrooms, which many people (23 and 16 per cent respectively) plan to buy, with significant numbers intending to put the cost onto credit or store cards or take out shop finance packages to fund these purchases.59 per cent of those polled admitted they cannot pay off their store card each month, and the longer they take to pay for their sales bargain the more it costs them.”If you do not have a budget in mind before hitting the sales then the ’spend now, worry later’ mentality can prove extremely expensive,” Gary Lumby, Yorkshire Bank’s head of personal financial services, said.”Store cards can be ideal for shoppers who can meet their monthly bills. However, if you can’t and the high rates of interest start kicking in, they can prove real problems with some shoppers paying far more for products than they originally were before the sales.”

He stressed that for many purchasers a loan is the best and cheapest way to buy expensive items in the sale without causing problems in the future.

Posted in Uncategorized, loan, personal loan, loan calculator, loan rate, bank loan | Comments(0) August 2007



Loans move fully online

Customers can complete the entire loan process online, without needing to sign a hardcopy of their deal.Previously, while applying for credit online was possible - customers had to sign a paper copy of their deal before the contract was complete.Now new rules mean consumers can carry out the whole transaction electronically.Lenders will still be required to send paper letters when charges for missed payments are imposed, or if the agreement is cancelled.Consumer minister Gerry Sutcliffe said: “We are undertaking the biggest shake-up of the consumer credit market for 30 years, making it relevant for today’s market.”Enabling consumers to complete credit agreements from the comfort of their own homes is a key part of this modernisation process. This new rule will improve consumer choice without removing any consumer protection, and save business time and resources.”Online agreements are subject to a 14-day “cooling off” period, when consumers can cancel the agreement.

Posted in Uncategorized, loan | Comments(0) August 2007



Customers can complete the entire loan process online, without needing to sign a hardcopy of their deal.

Consumers can save up to £2,291.40 by shopping around for a loan, Sainsbury’s Bank has found.This is the difference between a high-street lender with a 14.9 per cent loan rate, and one of the market leaders who charge around 6.5 per cent.”There is a great deal of consumer apathy and confusion when it comes to choosing personal loans. Some people, for example, wrongly assume that you can only take out a personal loan from a bank if you have a current account with them,” Rachel Brereton, loans manager at Sainsbury’s Bank, commented. She added: “This helps explain why high street banks, which can offer some of the least competitive rates available, have approximately half of the market.”By shopping around, you can not only find a more competitive rate of interest but also a loan that may be better suited to your particular needs.”

Posted in Uncategorized, loan, personal loan, loan calculator, loan rate, bank loan | Comments(0) August 2007



Festive loans still being paid off , finds Sainsbury’s Bank

Christmas loans will not be cleared until well after  for many consumers, Sainsbury’s Bank has found.The bank has conducted research showing one person in five will still be paying off festive debts next month. Moreover, estimates suggest 168,000 people will need more than a year to rid themselves of the yuletide credit card spending frenzy, meaning they will pay far higher interest rates than if they took out a consolidation loan.But Sainsbury’s Bank also found consolidation loans are becoming a more popular, with figures showing that £5.4 billion of new consolidation loans will be taken out in the next three months.The bank discovered that one in three of the 550,000 personal loans taken out this quarter will be aimed at managing the debt that built up over the Christmas.

Posted in Uncategorized, loan, personal loan, loan calculator, loan rate, consolidate loan, bank loan | Comments(0) August 2007



Loans and overdrafts up in January, says BBA

New figures from the British Bankers’ Association (BBA) have found that the increase in loans and overdrafts in January was well above the monthly average.The statistics suggest that consumers borrowed about £700 million last month Credit card lending, at £400 million, was also stronger than in December and higher than the average for the last six months.”Stronger consumer credit in January reflected an increased demand for personal loans and overdrafts after December’s weak figure in line with the pattern for retail sales in the two months,” said David Dooks, director of statistics at the BBA.The BBA statistics follow information released by Datamonitor earlier this week figures showing that the average British adult now has £4004 outstanding on loans, credit cards, and overdrafts.

Posted in Uncategorized, loan, loan calculator, loan rate | Comments(0) August 2007



Bank of England finds loan and mortgage approvals up in February

The Bank of England has issued statistics covering lending to individuals in February  that reveal an increase in the number of loans and mortgages approved.The value of all loans and mortgages approved was slightly higher than in January, according to the Bank’s statement last week.Growth in net lending secured on dwellings was also stronger than January, with the three-month annualised growth rate increasing to 10.2 per cent from 9.9 per cent in that month.However, the value of loans for remortgaging and other purposes and credit card loans were weaker.

Posted in Uncategorized, loan, mortgage loan, loan calculator, loan rate | Comments(0) August 2007



HSBC slashes loan rate by up to 40 per cent

HSBC has announced that it is slashing its rates for personal loans by up to 40 per cent.
Following the bank’s January Sale, HSBC has slashed its rate for personal loans of more than £7,000 to a typical rate of 6.9 per cent APR - a reduction of up to 40 per cent on current rates, which range between 8.9 per cent and 11.9 per cent.The new rate will see a customer with a £7,000 loan save £939 in interest over five years.”We promised to bring modern retailing and strong value to banking and here’s another example,” said Joe Garner, head of customer propositions. “More than half of the loans we give customers are for £7,000 or more and that’s where we’ve made the biggest cut in our rates, at a time when other lenders are increasing theirs.”

Posted in Uncategorized, loan, personal loan, loan calculator, loan rate | Comments(0) August 2007

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